Pulsar Helium Inc (PLSR) has closed the first tranche of the brokered private placement previously announced on 30th December 2024 through the issuance of 5,263,160 shares at US$0.38 each.
The gross proceeds amount to US$2 million.
The placing includes participation from high net worth and institutional investors from the USA, including University Bancorp, Inc.
The raise provides sufficient funds for the company to proceed with the step-out well, Jetstream #2, at the Topaz project in Minnesota.
As announced on 6th January 2025, the drill pad for this step-out well is prepared, and the conductor rig is to be installed this week. Drilling of Jetstream #2 is scheduled to commence immediately after deepening of Jetstream #1, currently underway, is complete.
In addition, the company will be increasing the passive seismic footprint within the Topaz project area.
The securities issued in connection with the Private Placement will be subject to a four-month and one day hold period.
The company expects to provide an update on the closing of the remainder of the Private Placement within the next two weeks.
Separately, Pulsar has noted that over the last two months, an aggregate of 747,434 share purchase warrants were exercised and generated cash proceeds for the Company of approximately C$270,000.
View from Vox
With work already underway on the deepening of Jetstream #1, these first few months of 2025 look to be a pivotal time for Pulsar. Support for a local project from US investors is a strong endorsement of the potential on offer here, and given that helium has already been identified in Jetstream #1 there’s plenty to be positive about. If indeed the helium reservoir does go deeper, as is thought, then the economic potential will be significantly enhanced. And all of this before Jetstream #2 is even taken into account.